Needham & Company LLC Issues Positive Forecast for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its price target increased by analysts at Needham & Company LLC from $245.00 to $265.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price objective points to a potential upside of 30.36% from the stock’s previous close.

Several other research firms have also commented on GLOB. Citigroup boosted their price objective on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. upped their price target on Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Piper Sandler decreased their price objective on Globant from $240.00 to $237.00 and set an “overweight” rating for the company in a report on Friday. Scotiabank boosted their target price on Globant from $200.00 to $210.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 21st. Finally, StockNews.com raised Globant from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $228.50.

Globant Price Performance

Shares of NYSE GLOB opened at $203.29 on Friday. Globant has a 1-year low of $151.68 and a 1-year high of $251.50. The business has a fifty day moving average price of $208.98 and a 200 day moving average price of $191.01. The stock has a market capitalization of $8.76 billion, a P/E ratio of 53.04, a price-to-earnings-growth ratio of 2.91 and a beta of 1.39.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The business had revenue of $587.46 million during the quarter, compared to the consensus estimate of $586.72 million. During the same period in the previous year, the company posted $1.04 earnings per share. The firm’s revenue was up 18.1% on a year-over-year basis. As a group, equities research analysts anticipate that Globant will post 5.06 earnings per share for the current fiscal year.

Institutional Trading of Globant

Institutional investors and hedge funds have recently bought and sold shares of the business. Seven Eight Capital LP purchased a new position in shares of Globant during the first quarter worth $2,138,000. Vanguard Group Inc. lifted its holdings in shares of Globant by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock valued at $22,681,000 after buying an additional 8,267 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Globant by 1,079.8% in the 1st quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock valued at $4,066,000 after buying an additional 18,433 shares during the period. Jupiter Asset Management Ltd. boosted its stake in shares of Globant by 14.6% in the first quarter. Jupiter Asset Management Ltd. now owns 42,584 shares of the information technology services provider’s stock worth $8,598,000 after buying an additional 5,441 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its holdings in Globant by 97.4% during the second quarter. Brown Brothers Harriman & Co. now owns 154,538 shares of the information technology services provider’s stock worth $27,548,000 after acquiring an additional 76,256 shares during the period. 91.60% of the stock is currently owned by institutional investors and hedge funds.

About Globant

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.